On December 23, 2013 the Financial Accounting Standards Board (FASB) issued the Private Company Decision Making Framework for Private Companies (Guide) as well as Accounting Standards Update 2013-12 Definition of a Public Business Entity (ASU 2013-12). The completion of these projects represents an important step in the development and implementation of alternatives within US generally accepted accounting principles (GAAP) for private companies by assisting the FASB and the Private Company Council (PCC) in defining both the framework under which such proposed alternatives should be evaluated as well as defining the scope of those entities that may elect to adopt such alternatives.